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FTSE 100 rally continues

There seems to be little sign of the FTSE running out of steam at present, especially as US markets remain resilient ahead of Thanksgiving. Upside targets are now 6902, the 50-day simple moving average (SMA), and then 7000 (the election night peak), followed by 7070.

A return to the rising hourly trendline towards 6790 could be where buyers step in if we see additional weakness.

DAX buying stalls

So far there’s no signal of real buying momentum, with the index needing to break yesterday’s highs at 10,780 and then get above the vital 10,800 line. A turn lower still targets 10,572, the 50-day SMA.

S&P 500 breaches all-time highs

New all-time highs here confirm the pre-Thanksgiving short squeeze is not letting up. The 50-hour SMA (2198) is still providing good support. It will take a close below 2190 to suggest a downward move is beginning.

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